3 Things Your Insurance Company Doesn’t Want You To Know

3 Things Your Insurance Company Doesn’t Want You To Know

Canadians pay billions of dollars each year for insurance; yet when illness, accident or tragedy strikes, insurance companies often deny legitimate claims to protect their bottom line.

The best way that you can protect yourself is by learning about these three common tactics that insurers use to deny claims, so that if your claim is denied or your benefits are terminated, you won’t delay in seeking assistance from an experienced insurance lawyer.

1. The insurance company’s offer for a quick settlement is a sign that you deserve more money. If you have filed a claim for benefits with your insurer and they respond by offering a lump-sum settlement or a return of premiums, along with a tight deadline to accept their offer, this is often a sure sign that the actual value of your claim is much, much larger than the amount they are offering. If you accept the offer, the insurance company saves on paying you the full amount of money you may be owed, especially if your coverage is meant to provide a monthly benefit over a long period of time, and you lose your right to fight for that money. Never accept a settlement from your insurance company unless you have reviewed your options with an experienced insurance lawyer.

2. Appealing is a waste of time. If your claim has been denied, you may feel hopeful that if you appeal the insurance company’s decision, you can change their mind. The truth is that appealing often does nothing more than delay your claim further. Every appeal involves weeks or even months of processing by the insurance company. Meanwhile, you have no income to pay your bills. When the insurance company finally responds, it’s only to tell you that the additional information you provided is not sufficient to support your claim and they stand by their original decision. The truth is, unless you have dramatically new medical information to provide in support of your claim, appealing will only waste valuable time that an experienced lawyer could use to build your case and get you the maximum settlement possible. Again, it is best to speak with a lawyer as soon as you receive a denial to understand all the options available to you.

3. You can hire a lawyer to fight for your benefits without paying any upfront fees. Insurance companies know that because you are dealing with a disabling health condition, you may not feel strong enough to fight for your benefits on your own. They are also hoping that because you have no income, this will deter you from hiring a lawyer. The good news is that many disability lawyers don’t ask for payment unless they win your case. This is called a contingent fee arrangement, and it means that your lawyer gets a percentage of whatever money you receive as resolution of your case. If you receive no money, your lawyer does not collect any fees. This guarantees that your lawyer will do everything possible to win, and it allows you to focus on your recovery without worrying about paying legal fees.

Has your long-term disability claim been denied? Contact Share Lawyers and put our experience to work for you. We offer free consultations and there are no fees unless we win.

We have recently settled cases with Desjardins, Industrial Alliance, BMO, Sun Life and many more.

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